More than one million households to get biggest cuts in electricity prices in years

MORE than one million households are set to benefit from one of the biggest cuts in energy prices in recent years.

Electric Ireland said its 1.2 million customers will see prices fall by 6pc in June.

The reduction will save the average family €57 over the course of a year.

It comes as wholesale gas prices, the main input for the production of electricity, have almost halved in the past year.

Wholesale prices have been falling now for two years, and this is the biggest cut in prices over that period.

Executive Director of Electric Ireland Jim Dollard, said: “This is Electric Ireland’s third electricity price decrease in less than two years. We are committed to continually offering the best value products to our customers in a very competitive energy market place.”

He said the latest announcement meant the average annual residential bill for Electric Ireland customers will have reduced by more than €100 over the last 19 months.

The company came in for severe criticism recently after its parent, ESB, last month reported operating profits of €630m for last year, which consumer advocates said should have meant greater reductions in prices for consumers.